Is It Time to Buy?

Should you buy in today's seller's market? 

A spring seller’s market is upon us. Extremely low inventory means that sellers are benefiting from higher prices and shorter time on the market. However, potential buyers shouldn’t be discouraged; home prices and mortgage interest rates also remain low. Together, these two factors mean that it’s still a great time to buy a home – if you can find one for sale!

Home prices are low, but rising
Twin Cities Home Source agrees home prices are still 30 percent lower than 2006, but the Twin Cities metro reported the fourth largest median price increase of any metro in the nation (Kiplinger). That means today’s buyers can purchase at a low price, and expect their property to increase in value as the market recovery continues.

Record-low mortgage interest rates are low and rising slowly
While Twin Cities Home Source experts agree that rates won’t increase significantly this year, it’s important to remember that even a small gain in rates will impact you over the long-term. For example, a single percentage point added to a 30-year, $300,000 loan would add around $3,000 to your annual mortgage payments. Check out our website. We are here to help!~